LG Electronics India (LGEIL), a wholly-owned subsidiary of LG Electronics of South Korea, is eyeing a 3% jump in market share and a higher than average industry growth this year on the back of the new series of star-rated colour televisions to be launched soon.
?Even though the industry is witnessing a 4% category growth, we, at LG, are looking forward to an optimistic 7% increase in volume at 4 million units by 2009 with our new range of star-rated televisions,? said Amitabh Tiwari, business group marketing head, LG India. This would help the company increase its markets share to 30% in 2009 from 27% last year, he said.
The overall colour television category is pegged at 13.3 million units this year as against 12.8 million units in 2008.
LG Electronics India has earmarked an investment of Rs 450 crore as capex for 2009 for marketing and promotional activities, a jump of over 25% compared with Rs 350 crore in 2008. As against an emphasis on refrigerators last year, the consumer durable giant has shortlisted the GSM business, air conditioner division and the home entertainment category as major focus areas this year.
The new star-rated range will comprise 31 models–19 flat TVs and 12 UltraSlim TVs–priced between Rs 7,300 and Rs 17,800. LGEIL, which registered a turnover of Rs 10,730 crore in 2008, has manufacturing units in Greater Noida and Ranjangaon near Pune.
Buoyed by three major launches of full HDTVs last summer–Scarlet in May, LG 53 in June and Jazz in August, the company is also looking at becoming the largest player in the LCD TV segment by this Diwali. In 2008, LG held 23% of market share, far behind Samsung?s 37% and was closely followed by Sony with 21-22% control over the segment.
Last week, Sony India launched a serried of LCD televisions in the country to strengthen its market share to 30% as against 28% last year.